Rs 2.25 crore in 8 minutes! How Ashneer Grover minted cash in Zomato IPO

NEW DELHI: Although having actually missed out on IPO in a much-publicised spat with Kotak Group, BharatPe’s previous MD Ashneer Grover made a cool Rs 2.25 crore within 8 minutes of noting in 2015. In a tell-all narrative ‘Doglapan: The Hard Truth about Life and Start-Ups’, the ‘Shark Tank’ judge stated his Rs 100 crore application for Zomato IPO left everybody shocked on how he might handle the big quantity of cash. “It was, nevertheless, a case of basic utilize– IPO funding. While I invested Rs 5 crore from my pocket, Kotak Wealth got me funding for Rs 95 crore at a rate of interest of 10 percent annualized for a week (the duration for which IPO funds get obstructed). This expense of Rs 20 lakh as interest was an extra expense for getting the shares,” Grover stated in the book released by Penguin. With the IPO being oversubscribed more than thirty times, he got an allocation of shares worth over Rs 3 crore. On 23 July 2021, when the new-age stock debuted on exchanges at Rs 115 per share versus the problem rate of Rs 76 per share, he sent out a required to his wealth supervisors to offer all his shares. “By the time the trade got carried out, I got a market price of Rs 136 per share. With my landing expense after interest being in between Rs 82– 85, I wound up making over Rs 2.25 crore,” stated the poster young boy of start-up India. The IIM-Ahmedabad and IIT-Delhi graduate discusses he was bullish on Zomato IPO on numerous counts. “Of course, I understood of Deepinder, a
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